INVESTOR PRESENTATION| A X O N E N T E R P R I S E |

J u n e 2 0 2 0

Safe-harbor statementThis presentation includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the

Securities Exchange Act of 1934, as amended, or the Exchange Act, which are subject to risks and uncertainties. In some cases, you can identify these statements by forward-looking

words such as “may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue,” the negative of these terms and other

comparable terminology. These forward-looking statements, which are subject to risks, uncertainties and assumptions about us, may include projections of our future financial

performance, our anticipated growth strategies and anticipated trends in our business. Examples of forward-looking statements include, without limitation, statements regarding: the

impact of the COVID-19 pandemic; proposed products and services and related development efforts and activities; expectations about the market for our current and future products

and services; our outlook for 2020 with respect to revenue; trends relating to subscription plan programs and revenues; expected trends, including the benefits of, research and

development investments; the sufficiency of our liquidity and financial resources; expectations about customer behavior; statements concerning projections, predictions,

expectations, estimates or forecasts as to our business, financial and operational results and future economic performance; and statements of management’s strategies, goals and

objectives and other similar expressions.

Forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Such forward-looking statements included in this presentation are based

on information available to us as of the date hereof and our current expectations about future events, which are inherently subject to change and involve risks and uncertainties.

There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or

achievements expressed or implied by the forward-looking statements, including those factors discussed under the heading “Risk Factors” in our Annual Report on Form 10-K for the

fiscal year ended December 31, 2019 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, as well as under the heading “Risk Factors” in the prospectus

supplement related to the proposed common stock offering.

We do not undertake any obligation to update any forward-looking statements included in this presentation, whether as a result of new information, future events or otherwise,

except as required by law. All such forward-looking statements should be read as of the time the statements were made and with the recognition that these forward-looking

statements may not be complete or accurate at a later date.

2

PROTECT LIFE

CAPTURE TRUTH

ACCELERATE JUSTICE

3

to stun.

4

Axon is building the future envisioned by Gene Roddenberry of Star Trek fame, where technology helps elevate humanity. The TASER was directly inspired by Captain Kirk’s Phaser.

2. REDUCE SOCIAL CONFLICT

COMPLAINTS DOWN 88%2

USE OF FORCE DOWN 42%2

3. ENABLE A FAIR & EFFECTIVE JUSTICE SYSTEM

GUILTY PLEAS UP 20%3

OFFICER COURT TIME REDUCED BY 70%4

~200,000 LIVES SAVED FROM DEATH OR SERIOUS INJURY1

1. OBSOLETE THE BULLET

1 M.W. Kroll Study (2009) 2 Mesa On-Officer Body Camera Field Study (2014) 3 Newport News Case Study (2015) 4 Queensland Police Domestic Violence Case Study (2017) 5

Our mission

Axon’s Independent AI and Policing Technology Ethics Board

6

Cyber Civil Rights Initiative Professor at Boston University

Police Reform Racial Equity Community Leader

DOJ Civil Rights Division

USC, Researches debasing, deep fakes and digital forensics

Texas AppleseedSocial Justice Non-Profit

EFF Google

Seattle Chief of PoliceChief Inspector of Irish National Police

Boston Police Commissioner

AI Ethicist: Oxford’s Future of Humanity Institute

& OpenAI

NYUThe Policing Project

National PoliceFoundation (Retired)Police Chief (Retired)

Privacy ExpertStanford / Microsoft

Axon leadership has resulted in an attractive financial profile

7

700K+TASER devices in place

today globally

120%Net dollar retention

17%2019 Adjusted EBITDA margin

Note: TASER devices in place today globally represents total number of units sold in the last 5 years. Annual recurring revenue is as of Axon’s latest quarterly report. Refer to appendix for Non-GAAP reconciliations

$174mmAnnual recurring software

revenue

$203 $235 $253 $282

$36$51

$75

$119

$29

$58

$92

$130

2016 2017 2018 2019

Axon Cloud Sensors & Other TASER

$268

$420

$344

63%

49%

12%

26%$531

Revenue ($ million)2016–19

CAGR

75%2019 cloud gross margin

71%Revenue from recurring

bundles

25+ years of transforming public safety with technology

8

Evolving public safety ecosystem

AXON 1.0Pre-2010

AXON 2.02010-2019

EVIDENCE.COM

BODY-WORN CAMERAS

AXON RECORDS

AXON DISPATCH

AXON FLEET

AXON CLOUD

TASER

TASER

BODY-WORN CAMERAS

AXON FLEET

TASER

PROTECT LIFE

CAPTURE TRUTH

ACCELERATE JUSTICE

9

PROTECT LIFE PROTECT LIFE

CAPTURE TRUTH

AXON 3.02020 & beyond

EVIDENCE.COM

Smart Devices + Workflow + IntelligenceSmart Devices + WorkflowDevices

Large TAM through value-added new products and markets

10

TAM by product TAM by market

Law Enforcement

54%

Corrections, Fire, and Other

24%

Enterprise8%

Consumer7%

Federal6%

BWC / DEMS$11B

TASER$5B

Fleet$3B

Dispatch$2B

Consumer Self-defense

$2B

AR / VR$2B

Records$2B

Axon Air$1B

$27BTAM

AR / VR – augmented reality / virtual realityBWC – body worn camerasDEMS – digital evidence management system

11

Cloud-driven strategic growth drivers

Communications

Cameras

De-escalation

Productivity

Time

Officer leavesOfficer on scene Justice systemCitizen-

captured evidence

Write and file incident

report

ShortenMore efficient

The role of Axon’s four strategic growth areas during a public safety incident

Axon software makes it easy to capture digital evidence, including CCTV video and citizen mobile evidence

Axon’s dispatch solution enables officers to arrive on knowing the most relevant and critical information

A TASER device may or may not be deployed when responding to an incident. If deployed, all use of force data is logged in Evidence.com

Axon body cameras and Fleet cameras capture video evidence, which is safely stored in Evidence.com. Live-streaming provides real-time situational awareness

Axon Records incorporates video into the incident log and uses AI to save officers’ time

Incident data and post-arrest interview video are used and viewed by prosecutors, defense attorneys, media, the community and the public

911 Call andDispatch

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Cloud-driven strategic growth drivers

Communications

Cameras

De-escalation

Productivity

De-escalation has become eminent in our society

TASER product leadership

Numerous agencies adopted cloud-

connected TASER 7

Expansion beyond public safety

Recent wins include US Forestry, DoJ and

Corrections

Expansion into new geographies

UK, Canada, Australia, etc.

AR / VR

AR / VR empathy training delivered via

Axon Cloud

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Axon trains for unbiased and empathetic public safety

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Cameras = transparency and trust

FLEXSIGNALSIDEARM

BODYFLEET

APPS

Body camera programs address a transparency and accountability problem. They create a giant data management and storage problem

Axon’s camera + software solution solves all

Axon Body 3with LTE-live streaming

began shipping Sep. 2019

16

17

Productivity solutions to unlock efficiencies in public safety

Fragmented point solutions

Bloated and expensive

Complex and stale UI

Slow, manual and reactive

Cloud-based integrated software platform

Efficient and cost effective

Simple and consumer-grade UI

AI-driven proactive public safety

Legacy

Citizen reporting stolen vehicle

Note: Image on right is illustrative and represents Axon’s vision

18

Transforming communications beyond the radio

Synchronized video recording for all officers on-site

GPS enabled heatmaps

Integrated public safety suite for optimal visibility and control

Real-time view of officer presence and

devices

LTE live streaming for real-time situational

awareness

FINANCIAL OVERVIEW

19

Powerful long-term growth engine

Strong growth with scaling profitability

High visibility with significant revenue from recurring bundles

Strategic R&D driving to 70%+ target gross margins and robust operating leverage Strong

liquidity, no debt, and abundant operating flexibility

1

2

3

20

4

$40

$61

$88

$104

2017 2018 2019 LTM

Adjusted EBITDA($ millions)

12%15%

17%18%

Strong growth with scaling profitability

21

$344

$420

$531 $562

2017 2018 2019 LTM

Revenue($ millions)

28% 22%

26% 28%

% growth y/y

% margin

Note: Refer to appendix for non-GAAP reconciliations1 Rule of 40 defined as revenue growth plus adjusted EBITDA margin

40% 37% 43% 46%Rule of 401

High visibility with significant revenue from recurring bundles

Note: Annual recurring revenue includes recurring license, integration, warranty and storage revenue.

$18

$46

$83

$122

$174

Q1 16 Q1 17 Q1 18 Q1 19 Q1 20

SaaS Annual Recurring Revenue($ millions)

% Total Revenue Tied to Subscription Bundles

34%46%

55%

71%

2016 2017 2018 2019

22

Strategic R&D driving to 70%+ target gross margins and robust operating leverage

Commitment to drive leverage

TASER

Software & Sensors

70%

70%

Long-term target model

Long-term target model

62%

2019 Grossmargin

53%

2019 Grossmargin

Axon consolidated

2019 Adj EBITDAmargin

17%

Long-termtarget model

30%

23

TASER Fleet BWC + DEMS

Dispatch Records AR / VRAir

Growth R&D

Existingproducts

Sustaining R&D

Federal Corrections Enterprise

Sales investment

Newproducts

Existingcustomers

New customers

x

Note: Long-term targets exclude share-based compensation Refer to appendix for Non-GAAP reconciliationsAR / VR – augmented reality / virtual realityBWC – body worn camerasDEMS – digital evidence management system

+ Products & Bundles

+ Super Powers

+ Users & Nodes

+ Data & AI

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Axon’s Path to 2030

25

TASER will obsolete the

pistol

AI will eliminate

paperwork

Cloud & IoT will transform

communications

Axon will reimagine public

safety

BY 2030, WE BELIEVE

Key Considerations

• Creating societal value—protecting life, capturing truth, and accelerating justice

• Technology platform revolutionizing public safety

• High-growth subscription revenue model with track record of significant operating leverage

• Addressing a $27 billion market opportunity and millions of users globally

• Holistic software / AI-based solution for public safety, from incident to judicial process

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APPENDIX

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Strong, engaged independent board of directors

28

ADRIANE BROWN

Director

MICHAEL GARNREITER

Chairman of the Board

JULIE ANNE CULLIVAN

Director

HADI PARTOVI

Director

CAITLIN KALINOWSKI

Director

DR. RICHARD CARMONA

Director

DR. MATTHEW R. MCBRADY

Director

MARK W. KROLL, PH.D

Director

Note: Independent directors

Axon bundle monthly pricing assumes five years, or 60 months, per contract. Revenue shown includes any initial hardware purchase required, which may not be included in the monthly fee. Bundle gross margins exclude unallocated manufacturing overhead. Future hardware upgrades assume a 15% increase in bill of materials cost over current generation hardware. Actual total company gross margins may be lower than target due to sales discounts, trade-in credits, lower margin professional services revenue, third-party hardware sold as a pass-through, unallocated manufacturing overhead, customer purchases of lower-tier offerings that are not pictured, and costs related to hardware returns. 29

Projected revenue & gross margin by bundle

$1,560 $2,160 $2,400

$3,600

$6,226

$7,740 $7,288

$9,826

$14,626

60%

70%

80%

90%

$-

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000

TASER X2 Basic($26/mo)

TASER X2Unlimited($36/mo)

TASER 7 Basic($40/mo)

TASER 7Certification

($60/mo)

Body-WornCamera

UnlimitedStorage

($89/mo)

Axon FleetUnlimited($129/mo)

Legacy OfficerSafety Plan($109/mo)

OSP 7($149/mo)

OSP 7+($229/mo)

Revenue $ Gross Profit $ Gross Margin % Total Company Target Gross Margin 70%

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

$4,500

$5,000

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10

Axon Cloud software (Annual recurring revenue) Hardware warranty revenue

TASER cartridges & training revenue TASER hardware revenue

Camera hardware revenue Customer payment / Cash flow

Customer payment & cash flow =$229 / officer / month over 5 years + program startup feeIllustrative GAAP revenue allocation per officer

TASER hardware revenue recurs every 5 years. Camera hardware revenue occurs every 2.5 years. >90% of cash flows are reoccurring. Chart assumes no upsell upon contract renewal for illustrative purposes.

Officer Safety Plan 7+ Integrated Bundle

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31

Non-GAAP reconciliation

31-Mar-2020 31-Mar-2019 31-Dec-2019 31-Dec-2018 31-Dec-2017

EBITDA and Adjusted EBITDA

Net income $4,074 $6,419 $882 $29,205 $5,207

Depreciation and amortization 2,881 2,800 11,361 10,615 8,041

Interest expense 7 6 46 86 186

Investment interest income (693) (2,003) (7,040) (3,002) –

Provision for (benefit from) income taxes (3,933) (1,435) 1,188 (1,101) 10,554

EBITDA $2,336 $5,787 $6,437 $35,803 $23,988

Adjustments

Stock-based compensation expense $20,195 $7,905 $78,495 $21,879 $15,610

Transaction costs and adjustments related to business acquisition and investment in unconsolidated affiliate

833 – – 1,382 –

Loss on disposal and abandonment of intangible assets 13 18 67 2,117 1,146

Loss (gain) on disposal and impairment of property and equipment, net

517 242 2,542 303 (28)

Costs related to FTC litigation 6,135 – 240 – –

Adjusted EBITDA $30,029 $13,952 $87,781 $61,484 $40,716

Adjusted EBITDA margin 20.4% 12.0% 16.5% 14.6% 11.8%

Twelve months ended Three months ended